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Falcone allows ‘direct investments’ in LightSquad (Reuters)
Billionaire trader Philip Falcone is restructuring his hedge fund’s multibillion-dollar investment in LightSquared to make it easier to make “direct investments” in the upstart wireless telecommunications company.Falcone announced the restructuring on Friday in an email to his Harbinger Capital Partner investors. The email, which Reuters obtained, said the plan “will facilitate direct investments by existing and prospective investors in the master fund’s holdings in LightSquared and the management of such holdings.”

NY City police pension fund OKs hedge fund stake (Reuters)
The board of New York City’s police pension fund has approved the first investment in a hedge fund by any of the city’s pension funds, the city comptroller said on Wednesday. Comptroller John Liu said the hedge fund investment will diversify the police pension fund’s assets. “We expect to initiate a hedge fund-of-funds program, which is to be followed by a series of direct investments in hedge funds,” he said in a statement.

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